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Lettucebereal Lettucebereal
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A year ago
Captain Sanders of the Canadian Armed Forces has a $25,000 personal (revolving) line of credit with the Armed Forces Bank. The loan is on a demand basis at a floating rate of prime plus 1%. On the 1st of each month, a payment equal to the greater of $100 or 2% of the combined principal and accrued interest is deducted from his paycheque. The principal balance after a payment on September 15 stood at $4,598. If Captain Sanders received another $500 from his line of credit on September 20, what was his paycheque deduction on October 1? Assume the prime rate remains at 3.25%.
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Business Mathematics in Canada

Business Mathematics in Canada


Edition: 11th
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cryzazncryzazn
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Lettucebereal Author
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A year ago
Helped a lot
Lourd Jenkins
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This helped my grade so much Perfect
Lourd Jenkins
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This site is awesome
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